Brooklyn developer Redsky secures $94m refinancing

Redsky Capital has secured $94 million in loans to refinance 241 Bedford Avenue, a 74,370 sq ft mixed-use property in the Williamsburg neighborhood of Brooklyn, New York, Real Estate Capital has learned.

Redsky Capital has secured $94 million in loans to refinance 241 Bedford Avenue, a 74,370 sq ft mixed-use property in the Williamsburg neighborhood of Brooklyn, New York, Real Estate Capital has learned.

Citi provided a $75 million senior loan while Square Mile Capital Management provided a $19 million mezzanine loan, sources said. Both loans have a three-year term.

The loans were made to a joint venture led by Redsky Capital and will refinance existing debt on the property, fund renovations to the property’s 48,860 sq ft of retail space and 27 second floor apartment units, as well as cover leasing costs for new retail tenants.

The previous $74.2 million mortgage on the property was provided by Deutsche Bank subsidiary German American Capital Corporation in December of 2014, city property records show. The owners purchased the property in April 2012 for $66 million.

Constructed in 1930, the property’s retail, facing Bedford Avenue and North 3rd Street, is currently 51 percent leased to tenants including Foodtown, Umami Burger, Sweetgreen, Parm, and by CHLOE.

Redsky Capital is Williamsburg’s largest retail landlord with significant holdings on Bedford Avenue, Metropolitan Avenue, Roebling Street, and North 6th Street.

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